Most of the company’s sectors realised a growth in profits in 2016, where the revenues of the real estate sector reached EGP 12.6m, an increase of 57% year-on-year. Operating profits suffered a loss of EGP 43m in the fourth quarter of 2016. He explained that the expenses of Beltone Financial drove operating profits to the negative range. Revenues jumped to EGP 885m, compared to a net loss of EGP 550m and EGP 47m in the fourth quarter of 2015 and the third quarter of 2016 respectively. Assuming no exchange rate gains, the company’s revenues would have recorded a loss of EGP 369m.

Source: Daily News Egypt May 13, 2017 15:33 UTC